John Fredriksen-backed Northern Drilling has cancelled the resale contract of a drillship on order at Daewoo Shipbuilding & Marine Engineering.
The Oslo-listed company said it had taken the action due to a delay in its delivery from the South Korean shipyard as well as a repudiatory breach of contract.
Northern Drilling said it made advance payments totalling around $90m for the West Aquila under the contract, and will claim a refund of the instalment paid, plus interest and damages.
